After a clients business went into Insolvency this triggered a personal guarantee which risked them going Bankrupt.
- The personal guarantee of £50,000 came to us when the Bank initiated Legal proceedings issuing a Summons.
- That customer’s Bankruptcy would have started a domino effect as our client could not satisfy the Personal Guarantee in full.
- The client was hopeful that he could operate in the future as a sole trader. If he could address this Personal Guarantee this would reduce the risk of going bankrupt.
- We initiated contact with the Bank and managed to successfully put proceedings on hold whilst we started negotiations.
Bell & Company successfully negotiated on the Personal Guarantee achieving savings of £44,500 on the initial Bank demand for repayment
